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Chemring expects bigger portion of annual profit in second half

Reuters

(Reuters) - British defence contractor Chemring Plc expects a bigger portion of its annual profit and cash flow to come in the second half of the year, mainly due to a delayed contract.

Chemring, which announced a share rights issue in January to pay off some debt, said revenue rose to 82.9 million pounds in the quarter ended Jan. 31 from 61.5 million pounds, a year earlier.

The company, however, said its results did not meet its expectations.

The delayed contract for ammunition is from a customer in the Middle East.

Chemring's shares were down 5.2 percent at 126.50 pence on the London Stock Exchange at 1120 GMT. The stock had fallen nearly 10 percent after the company announced results.

(Reporting By Mamidipudi Soumithri in Bengaluru; Editing by Kirti Pandey)